LONDONZURICH, Feb 15 Reuters Barclays is in the early stages of considering a bid for Societe Generale39;s UK private bank, in an effort to expand its business targeting wealthy individuals, three people familiar with the matter told Reuters.

SocGen, advised by Rothschild Co, has begun inviting bidders to take part in an auction for its Kleinwort Hambros unit, two of the people said.

The French group is also readying a sale of its private banking operations in Switzerland as it looks to shed businesses in a strategy revamp, they said.

Londonbased Kleinwort Hambros, which in 2022 had more than 12 billion pounds 15 billion in assets under management, could be worth up to 700 million pounds in a sale, one of the people estimated.

Among those invited to bid for the unit are Lloyds Banking Group, as well as wealth managers Rathbones and Raymond James, two of the people and a fourth one said.

Rathbones has decided not to participate in the process, a person familiar with its thinking said.

Deliberations remain at a preliminary stage, and there is no certainty that a transaction will materialise, sources cautioned.

Barclays and SocGen both declined to comment.

Barclays39; interest in SocGen39;s British private bank comes on the heels of its acquisition of Tesco39;s banking operations, as part of efforts to diversify away from volatile investment banking income.

The British bank, led by CEO C.S. Venkatakrishnan, is set to announce a new group strategy on Feb. 20…